Breaking news

Home loan approvals slip 1.4% in April

Home loan approvals fell in April, and while the drop was not as great as economists had forecast there are expectations the housing market has continued to soften in recent weeks. The number of home loan approvals for owner occupiers dropped 1.4 per cent in April, seasonally adjusted data from the Australian Bureau of Statistics…

Aust shares rise amid Trump-Kim summit

The Australian share market edged higher, supported by energy, health care and consumer-exposed stocks, as US President Donald Trump and North Korean leader Kim Jong-un held talks aimed at denuclearisation of the Korean peninsular. The benchmark S&P/ASX200 index rose 9.2 points, or 0.15 per cent, to 6,054.4 points, while the broader All Ordinaries added 8…

AGL strikes deals for LNG import jetty

AGL Energy has struck several deals for its proposed liquefied natural gas import jetty at Crib Point in Victoria, which could help deliver more gas to Victoria and South Australia. The energy company has signed development and gas transportation agreements with APA Group and works, lease and berthing and jetty agreements with the Port of…

Wesfarmers closes Homebase sale in UK

Wesfarmers’ short-lived and disastrous foray into the UK home improvement sector is over after the Perth-based conglomerate completed the sale of Homebase. The sale to UK-based turnaround specialist Hilco Capital, which was announced in May, will result in a loss of between GBP200 million and 230 million (between $352 million and $404 million) in Wesfarmers’…

Virgin Australia CEO to leave in 2020

Virgin Australia chief executive John Borghetti will leave his role in 2020, ending a decade at the company. The airline says Mr Borghetti will not renew his contract post January 1, 2020, giving it ample time to recruit an incoming chief executive and allow for an appropriate transition. The former Qantas executive, who joined Virgin…

Stocks to watch

Stocks to watch on the Australian stock exchange: AGL – AGL ENERGY – down 29.5 cents, or 1.4 per cent, at $20.895 APA – APA GROUP – down 3.5 cents, or 0.4 per cent, at $$8.325 AGL Energy has struck several deals for its proposed liquefied natural gas import jetty at Crib Point in Victoria,…

Vic faces national energy policy pressure

The Victorian government is facing pressure from a renewable energy group to negotiate for a more ambitious national emissions reduction target. The states and territories in May committed to ongoing design work on the federal government’s national energy guarantee, with hopes it will be signed in August. But the Smart Energy Council, which is bringing…

ASX set to open sharply higher

The Australian share market looks set to open almost half a per cent higher, following the lead of major international markets. At 0700 AEST on Tuesday, the share price futures index was up 27 points, or 0.48 per cent, at 6,078. Wall Street followed the upward trend, although its rise was tempered compared to London…

Oil flat on less certain OPEC supply hike

Oil prices are little changed as comments from the Iraqi oil minister casts doubt as to whether the Organization of the Petroleum Exporting Countries will decide to boost output at its upcoming meeting. Global benchmark Brent crude was unchanged to settle at $US76.46 a barrel. US West Texas Intermediate crude rose 36 cents to settle…

Copper slips as supply fears wane

Copper prices have slipped as fears about output disruption at the Escondida mine in Chile recede, but worries about supplies from Vedanta’s copper smelter in India and a softer US dollar provided some support. Benchmark copper on the London Metal Exchange ended down 0.8 per cent at $US7,255 a tonne. Last week, the metal used…